Valeant has hired Joseph Papa as its new CEO and chairman

Valeant Pharmaceuticals new CEO Joseph Papa

Valeant Pharmaceuticals has named Joseph Papa as its new CEO and chairman.

Papa resigned from his post at competitor Perrigo on Sunday.

It was previously reported that Perrigo was prepared to name a new CEO so Papa could join the team at Valeant. The company waved an agreement that would have prevented him from joining a rival firm.

Papa is expected to take over the CEO role from Michael Pearson in early May. An exact date has not been revealed at this time.

Valeant said in March that Michael Pearson would be stepping down from his role. The announcement came at a time of plummeting share prices and a failure to file its annual report on time.

“I am excited to take on the challenge of leading Valeant and helping the company chart a new course,” Papa said in a statement.

Papa joins Valeant during a very tumultuous time. The company is at risk of defaulting on $30 billion in debt if it misses its April 29 deadline to file its annual report. On Friday, the company also announced that it was received more notes of default.

SEE ALSO:
Zoho Books Review: The Best Accounting Software for the Smallest Businesses

Valeant shares rose by as much as 2% in pre-market trading.

Perrigo shares sunk 13% after the company named John Hendrickson as its new CEO.